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Gold Breakdown And New Secular Bear In S&P 500?

09/26/2022

Less than a minute

2022.09.26 08:21

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Jordan Roy-Byrne, CMT

It was an eventful week. ’s technical breakdown was confirmed on Friday and this could be the start of capitulation selling that could take gold below $1600. was unable to reach $21-$22 and so we cannot rule out a future test of $15.

At the same time, the is threatening to break below its 40-month moving average. This would be a strong indication of a new secular bear market. That is so important because that leads to a new secular bull market in gold and precious metals.